Free cash flow remains inconsistent and negative at -$28.9 million in 2026Q1, exacerbated by a capital-intensive profile where CapEx consistently consumes between 7% and 10% of revenue.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Cash from Operations | 242.84M | 217.29M | 113.5M | 134.99M | -55.86M | 356.1M | 301.94M | 130.95M | 226.37M | 218.77M | 246.97M | 303.81M | 385.76M | 362.17M | 164.3M | 57.15M | 61.97M | 38.29M | -31.51M | 74.48M | -17.36M | -7.75M |
| Operating CF Margin % | - | 9.67% | 5.39% | 7.91% | -3.57% | 24.97% | 26.94% | 3.94% | 6.17% | 6.63% | 6.77% | 7.66% | 8.34% | 8.61% | 4.2% | 8.24% | 11.43% | 7.29% | -5.21% | 14.71% | -4.41% | -2.24% |
| Operating CF Growth % | 2169.67% | 91.44% | -15.92% | 341.65% | -115.69% | 17.94% | 130.58% | -42.15% | 3.47% | -11.42% | -18.71% | -21.24% | 6.51% | 120.43% | 187.47% | -7.77% | 61.85% | 221.49% | -142.31% | 529.17% | -123.82% | - |
| Net Income | -1.14B | -1.18B | -824.82M | -33.26M | -11.76M | 76.28M | 45.77M | -517.15M | 154.47M | 169.51M | 145.19M | 187.18M | 420.27M | 209.14M | -42.26M | 4.55M | 16.21M | 21.72M | -571K | 64.88M | 94K | 12.25M |
| Depreciation & Amortization | 297.05M | 294.38M | 284.8M | 217.1M | 219.71M | 262.92M | 246.23M | 236.03M | 141.88M | 134.75M | 143.26M | 154.54M | 174.72M | 119.26M | 200.4M | 22.6M | 16.13M | 15.07M | 14.79M | 16.88M | 13.14M | 12.91M |
| Stock-Based Compensation | 26.26M | 32.92M | 29.66M | 34.06M | 38.95M | 35.35M | 28.91M | 21.96M | 25.1M | 21.55M | 19.02M | 16.32M | 17.58M | 13.33M | 9.37M | 4.91M | 3.14M | 2.59M | 11.33M | 0 | 0 | 0 |
| Deferred Taxes | -19.65M | -2.23M | -10.02M | -27.41M | 6.32M | -22.19M | -29.22M | -590K | -66.57M | 12.07M | -1.68M | -22.72M | -139.49M | 9.95M | 7.22M | -1.72M | -296K | 3.59M | -13.36M | 22.19M | -6.21M | -3.44M |
| Other Non-Cash Items | 1.03B | 1.06B | 647.81M | -28.24M | -88.59M | 20.84M | 5.25M | 522.15M | 4.82M | -86.98M | 4.18M | 10.1M | 9.09M | 30.59M | 68.72M | 22.56M | -518K | 613K | -16.02M | -35K | 1.05M | -721K |
| Working Capital Changes | 27.33M | 15.46M | -13.93M | -27.27M | -220.49M | -17.1M | 4.99M | -131.46M | -33.33M | -32.13M | -62.99M | -41.61M | -96.42M | -20.11M | -10.43M | 4.25M | 27.3M | -5.31M | -27.68M | -29.43M | -25.43M | -28.75M |
| Change in Receivables | 878K | -10.75M | -57.05M | -16.32M | -45.19M | -110.98M | 42.69M | 49.92M | -72.41M | -44.34M | -50.96M | 64.05M | -19.92M | -98.91M | -37.34M | -5.97M | -6.06M | 16.28M | -20.61M | 0 | 0 | 0 |
| Change in Inventory | -10.76M | -11.98M | 39.07M | -24.74M | -118.79M | -129.97M | 23.79M | -44.89M | -47.16M | -34.02M | 19.66M | -390K | 57.85M | 79.99M | 26.69M | 10.84M | 11.6M | 10.76M | -15.56M | -2.28M | -12.47M | -7.41M |
| Change in Payables | 21.56M | -1.14M | 13.98M | -6.64M | -11.84M | 178.47M | -30.75M | -119.33M | 70.08M | 10.27M | 52.31M | -11.18M | -54.67M | 128.89M | 88.93M | -10.9M | -5.54M | -28.46M | 7.02B | 0 | 0 | 0 |
| Cash from Investing | -171.95M | -179.37M | -955.47M | -242.47M | -176.39M | -320.48M | -175.08M | -1.63B | -167.85M | 89.88M | -81.99M | -246.96M | -1.03B | -474.97M | -1.94B | -69.97M | -40.41M | -12.05M | -20.53M | -46.52M | -10.08M | -18.43M |
| Capital Expenditures | -200.37M | -197.38M | -180.71M | -122.22M | -105.45M | -104.24M | -114.78M | -125.4M | -69.65M | -68.77M | -63.25M | -69.88M | -81.34M | -71.48M | -83.59M | -14.79M | -12.53M | -11.01M | -20.11M | -13.67M | -10.24M | -7.08M |
| CapEx % of Revenue | 8.79% | 8.78% | 8.57% | 7.16% | 6.75% | 7.31% | 10.24% | 3.77% | 1.9% | 2.08% | 1.73% | 1.76% | 1.76% | 1.7% | 2.14% | 2.13% | 2.31% | 2.1% | 3.33% | 2.7% | 2.6% | 2.05% |
| Acquisitions | -21.8M | 16.4M | -769.91M | -152.81M | -73.68M | -223.27M | -69.85M | -1.52B | -272.51M | 143.54M | -25.99M | -196.01M | -948.8M | -372.48M | -1.86B | -56.35M | -27.96M | -1.26M | -439K | -32.99M | 0 | -14.72M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 50.22M | 1.6M | -4.84M | 32.57M | 2.75M | 7.03M | 9.55M | 7.78M | 34.83M | 15.1M | 7.25M | 18.93M | 3.12M | -31.01M | 2.26M | 1.16M | 74K | 219K | 23K | 133K | 157K | 3.37M |
| Cash from Financing | -77.57M | -52.4M | 846.82M | 127.8M | -465.13M | 584.91M | -131.65M | 1.37B | -47.15M | -280.45M | -145.22M | -131.27M | 650.05M | -45.05M | 2.19B | 32.74M | -8.04M | -5.42M | 34.84M | 11.74M | 26.56M | -65.9M |
| Debt Issued (Net) | -72.43M | -43.6M | 859.23M | 217.19M | -1.59B | -150.41M | -118.32M | 1.11B | 158.24M | -277.38M | -118.78M | -88.89M | 90.94M | -309.03M | 1.15B | 29.02M | -8.96M | -5.42M | -113.91M | 11.74M | 26.56M | 34.84M |
| Equity Issued (Net) | 1.6M | 1.32M | -2.9M | 1.78M | 5.81M | 745.18M | 3.5M | 11.88M | -200M | 6.94M | -20.81M | -27.37M | 594.36M | 324.15M | 1.09B | 3.72M | 912K | 0 | 187.29M | 0 | 0 | -82M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.85M | -20.4M | -17.45M | 0 | 0 | -38.55B | -38.55M | 0 | 0 | -18.74M |
| Share Repurchases | 0 | 0 | -4.77M | 0 | 0 | 0 | 0 | 0 | -200M | 0 | -20.81M | -27.37M | 0 | 0 | 0 | 0 | 0 | -5.73B | -5.73M | 0 | 0 | -82M |
| Other Financing | -6.75M | -10.12M | -9.51M | -91.17M | 1.12B | -9.87M | -16.84M | 248.83M | -5.39M | -10.01M | -5.62M | -15.01M | -31.4M | -39.78M | -29.29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | -5.33M | -11.78M | 3.33M | 20.54M | -695.08M | 618.3M | -8.56M | -135.39M | -17M | 40.29M | 24.26M | -107.98M | -5.85M | -171.15M | 407.34M | 14.57M | 10.58M | 21.2M | -19.33M | 40.48M | -213K | -92.4M |
| Free Cash Flow | 35.92M | 19.92M | -67.21M | 12.77M | -161.31M | 251.86M | 187.15M | 5.55M | 156.72M | 150M | 183.72M | 233.94M | 304.42M | 290.69M | 80.71M | 42.37M | 49.44M | 27.28M | -51.63M | 60.81M | -27.59M | -14.84M |
| FCF Margin % | 1.58% | 0.89% | -3.19% | 0.75% | -10.32% | 17.66% | 16.7% | 0.17% | 4.27% | 4.55% | 5.04% | 5.9% | 6.58% | 6.91% | 2.06% | 6.11% | 9.12% | 5.2% | -8.54% | 12.01% | -7.01% | -4.29% |
| FCF Growth % | 192.15% | 129.63% | -626.52% | 107.91% | -164.05% | 34.58% | 3274.5% | -96.46% | 4.48% | -18.35% | -21.46% | -23.15% | 4.72% | 260.15% | 90.51% | -14.3% | 81.22% | 152.84% | -184.89% | 320.41% | -85.99% | - |
| FCF per Share | 0.63 | 0.35 | -1.22 | 0.23 | -2.98 | 4.92 | 4.04 | 0.12 | 3.89 | 3.63 | 4.47 | 5.62 | 7.36 | 8.60 | 2.67 | 2.87 | 3.38 | 1.88 | -4.61 | 8.34 | -3.78 | -2.03 |
| FCF Conversion (FCF/Net Income) | -0.03x | -0.18x | -0.14x | -4.06x | 4.20x | 4.97x | 7.08x | -0.25x | 1.61x | 1.45x | 1.93x | 1.81x | 0.98x | 2.03x | -2.55x | 12.55x | 3.82x | 1.76x | 55.19x | 1.15x | -184.63x | -0.63x |
| Interest Paid | 0 | 0 | 51.83M | 16.33M | 37.09M | 85.49M | 104.62M | 139.27M | 50.39M | 43.5M | 35.84M | 36.36M | 42.04M | 58.97M | 79.86M | -5.21M | 6.11M | 6.62M | 9.97M | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 10.8M | 12.52M | 31.36M | 47.19M | 59.38M | 134.91M | 97.45M | 70.67M | 77.1M | 79.54M | 82.69M | 93.86M | 70.68M | -16.73M | 5.82M | 16.6M | 18.53M | 0 | 0 | 0 |
Persistent negative net margins
As reported in recent financial statements, Enovis exhibits a significant disconnect between GAAP net income and operating cash flow, with the latter consistently remaining positive despite deep net losses, suggesting that non-cash charges like amortization are the primary drivers of the reported bottom-line deficits.
The persistent gap between net income and operating cash flow indicates that the company's cash-generative capacity is significantly healthier than the headline net loss figures suggest. Investors should monitor whether this cash flow stability persists as integration-related non-cash charges eventually normalize over the coming fiscal periods.
Based on quarterly cash flow data, Enovis's free cash flow trajectory remains highly inconsistent, oscillating between positive and negative territory, with a recent FCF margin of -4.9% in 2026Q1 highlighting the ongoing difficulty in balancing aggressive growth investments with core operational cash generation.
The inability to maintain a positive FCF trajectory suggests that the company is still in a heavy investment phase, likely tied to the integration of recent acquisitions. This volatility warrants further investigation into whether the business can achieve sustainable self-funding status without further reliance on external capital.
According to historical filings, Enovis maintains a capital-intensive profile with CapEx as a percentage of revenue consistently hovering between 7% and 10%, reflecting the substantial investment required to support its specialized surgical instrumentation and the ongoing expansion of its reconstructive implant product lines.
This level of capital intensity appears necessary to maintain competitive parity in the reconstructive market, but it places a structural drag on free cash flow. Analysts should evaluate if these expenditures are effectively driving the intended market share gains or if they represent a permanent, high-cost maintenance requirement.
As indicated by recent cash flow statements, Enovis experiences significant working capital volatility, with quarterly changes ranging from a $60.3 million outflow in 2024Q1 to a $40.3 million inflow in 2024Q4, suggesting that inventory management and collection cycles remain sensitive to operational integration efforts.
The erratic nature of these working capital swings may imply challenges in synchronizing supply chain logistics with the company's rapid portfolio expansion. Investors should monitor whether these fluctuations stabilize as the company moves past the most intensive phases of its post-spin-off and acquisition integration.
Quick answers to the most common questions about buying ENOV stock.
Enovis Corporation (ENOV) generated $217.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Enovis Corporation (ENOV) generated $19.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Enovis Corporation (ENOV) spent $197.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.